The BLS conducts monthly surveys from which data are collected to estimate the total national private non-farm employment situation each month. This monthly estimate is published and made readily available to the public in a report referred to as the “Employment Situation.” This BLS report includes historical labor statistics as well. The methods of data collection and estimating used by the BLS are readily available to the public. Participation in the monthly surveys is voluntary and the ultimate response rate typically varies between 83 and 87 percent. The BLS calculates an initial estimate of national employment with a response rate of about 60 percent and two subsequent revisions as additional responses are received. In addition, each second revision is further revised annually based on near census data, which is independent of the survey data. Currently, surveys are sent to approximately 160,000 business entities comprising some 400,000 establishments employing 50 million workers.
Employment estimates have implications on a vast range and number of economic factors including, for example, production, trading, and construction. The BLS estimates of employment may, for example, signal future changes in monetary policy. Employment estimates have direct intrinsic information value as well. Hence, information that helps analysts estimate monthly changes in employment is valuable.
Employment statistics are intrinsically important and are used by a multitude of economic forces, not only nationally but internationally as well. The Employment Situation by the BLS is the first release of U.S. government-sponsored economic data every month. In today's fast-paced economies, businesses may desire an estimate of monthly national employment before release of the Employment Situation to make business decisions. Moreover, the BLS' Employment Situation does not provide a breakdown of the monthly employment estimate by establishment size.
An estimate of private non-farm employment based on a data set which is independent from the data used to produce the BLS employment estimate with the derivation of that estimate could meet the need for additional, timely, and accurate estimates of movements in the national labor market for use among economists, financial professionals, government policymakers, and academics. This estimate could be used as a validation of, or forecast for, the Employment Situation and as its own separate economic indicator.
Accordingly, there is a need for a system that assists businesses and other entities in making critical business decisions independent of and/or in advance of the BLS release of the Employment Situation. Such a system may also be sufficiently versatile to enable users to identify, extract, analyze, and derive other information that is currently not available or accessible by the Employment Situation.